Cardano price found support near the $0.3050 level. ADA is currently recovering to higher levels and could target further gains above the $0.3360 resistance level.
- The ADA price recovered to the $0.3050 level.
- The price is trading above $0.320 and the 100 hourly simple moving average.
- There was a break of the major downtrend line centered around the resistance level of $0.3245 on the hourly chart of the ADA/USD currency pair (data source: Kraken).
- The pair is likely to continue its upward trend if it remains stable above the $0.3200 support zone.
Cardano Price Shows Signs of Steady Recovery
After a major drop, Cardano found support above the $0.30 zone. A low was formed at $0.3050 and the price is now attempting a recovery wave like Bitcoin and Ethereum.
The price rose above the $0.3200 and $0.3220 resistance levels. It moved above the 23.6% Fib correction level of the decline from the $0.3673 swing high to the $0.3050 low. In addition, there was a break above the major downtrend line with resistance at $0.3245 on the hourly chart of the ADA/USD pair.
Cardano price is currently trading above $0.4220 and the 100 hourly simple moving average. In an uptrend, the price may face resistance near the $0.330 area. The first resistance is near $0.3360 or the 50% Fibonacci correction level of the downtrend from the $0.3673 swing high to the $0.3050 low.
The next major resistance could be $0.3450. If there is a close above the $0.3450 resistance, the price could start a strong rally. If it is stated, the price could rise to the $0.3680 area. Further upside could require a move to $0.400.
Another decline for ADA?
If Cardano price fails to break above the $0.3360 resistance level, another downtrend could begin. The immediate support for the downtrend is near the $0.320 level.
The next major support level is near the $0.3120 level. A break below the $0.3120 level could open the door for a test of $0.3050. The next major support level is near the $0.3000 level, where bulls could show up.
Technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is currently above the 50 level.
Key support levels – $0.3200 and $0.3050.
Key resistance levels – $0.3360 and $0.3450.